Broad commodity indexes have come under pressure amid disappointing macroeconomic news, with the UBS Constant Maturity Commodity Index (CMCI) hitting the lowest level since September 2022. The pullback in prices, except for gold and soft commodities, has also come with a reduction in investor positioning. However, we retain a positive view on the asset class and see attractive expected returns over the next 12 months, as bottom-up factors still favor higher prices in the second half of this year. Market balances for crude oil are likely to tighten meaningfully. We expect oil production to fall back toward 100 million ... (full story)